Anyone who owns an automobile can testify to the expense of maintaining a set of wheels—gas, repairs, inspections and insurance costs can quickly consume a significant chunk of your paycheck.
A recent study by AAA reveals that the expense of owning a car is only continuing to grow. This year, people who have a basic sedan—like a Toyota Camry or a Ford Fusion—can expect to pay $9,122 for its upkeep, which is up 2% from last year.
The cost comes out to about 61 cents per mile driven, assuming that the vehicle clocks the average 15,000 miles in a year.
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You may jump to the conclusion that the price increase is due to the outrageous cost of gasoline, but it actually has more to do with maintenance expenses—which increased a whopping 11.26% since last year. Thanks to upticks in the cost of labor and replacement parts, maintenance now averages 5 cents for every mile driven.